Aircraft ownership and taxes.

Nark

Macho Superpilot
I'm soliciting to see if anyone knows about using an airplanes as a write-off for tax reasons?

I'd like to start an LLC under my name, use that business to do various trips and use it to lower my taxes. I'd like to do this all on the good side of the law, 'cuz that's kind of my job...

Just have no idea where to start. I will contact an accountant soon though.

Thanks

Cheers
 

ComplexHiAv8r

Well-Known Member
Get a good aviation accountant for the first year for sure. There is alot to be done, form a company for the aircraft (inc or LLC).

If you think you will make money from it, walk away now. If you value your time at home and can cost justify 3-4x the cost of driving or commerical aviaiton it can work for you.
 

Nark

Macho Superpilot
I think you missed the point.

I don't want to start a commercial operation. I want to use my plane as part of a business (non aviation) and write off the expenses.
 

ComplexHiAv8r

Well-Known Member
I think you missed the point.

I don't want to start a commercial operation. I want to use my plane as part of a business (non aviation) and write off the expenses.
Nope, that is what I am doing. Using an aircraft as a tool for my company. I use it instead of driving or flying commerical. It allows me to go to a client and return in the same day (most of the time). It also allows me to leave when I need to (like 11pm or so). I could drive but that would add hours to the trip. It would be cheaper to drive, but I can use it as a business expense. You know that you can rent the aircraft under the business and write off those expenses as well.

I will say that I am not losing as much on the aircraft as I am in business accounts (see WAMU thread) :banghead:

Good Luck.
 
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